PRF vs. VCLT ETF Comparison

Comparison of Powershares FTSE RAFI US 1000 Portfolio (PRF) to Vanguard Long-Term Corporate Bond ETF (VCLT)

PRF

Powershares FTSE RAFI US 1000 Portfolio

PRF Description

The PowerShares FTSE RAFI US 1000 Portfolio (Fund) is based on the FTSE RAFI US 1000 Index (Index). The Fund will normally invest at least 90% of its total assets in common stocks that comprise the Index. The Index is designed to track the performance of the largest US equities, selected based on the following four fundamental measures of firm size: book value, cash flow, sales and dividends. The 1,000 equities with the highest fundamental strength are weighted by their fundamental scores. The Fund and the Index are reconstituted annually.

Grade (RS Rating)

Last Trade

$37.88

Average Daily Volume

403,100

Number of Holdings ^*

981

* may have additional holdings in another (foreign) market

VCLT

Vanguard Long-Term Corporate Bond ETF

VCLT Description

The investment seeks to track the performance of a market-weighted corporate bond index with a long-term dollar-weighted average maturity. The fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 10+ Year Corporate Bond Index. This index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities greater than 10 years. All of the fund's investments will be selected through the sampling process, and at least 80% of the fund's assets will be invested in bonds included in the index.

Grade (RS Rating)

Last Trade

$74.85

Average Daily Volume

2,165,088

Number of Holdings ^*

341

* may have additional holdings in another (foreign) market

Performance

Period	PRF	VCLT
30 Days	-0.28%	-0.60%
60 Days	2.82%	1.03%
90 Days	-0.02%	-1.01%
12 Months	17.94%	0.72%

317 Overlapping Holdings

Symbol	Grade	Weight in PRF	Weight in VCLT	Overlap
AAL	F	0.01%	0.03%	0.01%
AAPL	A	2.35%	0.04%	0.04%
ABBV	B	0.63%	0.03%	0.03%
ABT	D	0.32%	0.03%	0.03%
ACGL	B	0.08%	0.01%	0.01%
ADC	B	0.02%	0.01%	0.01%
ADI	B	0.2%	0.02%	0.02%
ADM	F	0.27%	0.01%	0.01%
AEE	D	0.08%	0.01%	0.01%
AEP	D	0.21%	0.01%	0.01%
AES	D	0.08%	0.01%	0.01%
AFG	D	0.05%	0.02%	0.02%
AFL	B	0.18%	0.02%	0.02%
AGO	B	0.02%	0.01%	0.01%
AIG	D	0.33%	0.01%	0.01%
AJG	B	0.06%	0.02%	0.02%
ALB	F	0.03%	0.01%	0.01%
ALL	C	0.18%	0.01%	0.01%
ALLY	B	0.1%	0.03%	0.03%
AMAT	B	0.17%	0.03%	0.03%
AMGN	B	0.37%	0.01%	0.01%
AMH	A	0.02%	0.01%	0.01%
AMT	B	0.16%	0.03%	0.03%
AMZN	A	1.74%	0.05%	0.05%
AON	C	0.06%	0.01%	0.01%
APD	D	0.15%	0.03%	0.03%
APTV	F	0.05%	0.01%	0.01%
ARE	C	0.07%	0.01%	0.01%
ATO	C	0.05%	0.01%	0.01%
AVA	C	0.02%	0.01%	0.01%
AVB	A	0.08%	0.01%	0.01%
AVGO	B	0.51%	0.04%	0.04%
AVY	C	0.04%	0.02%	0.02%
AWK	C	0.06%	0.01%	0.01%
AXP	C	0.26%	0.06%	0.06%
BA	C	0.16%	0.01%	0.01%
BAC	A	1.28%	0.02%	0.02%
BAX	F	0.06%	0.02%	0.02%
BDX	D	0.14%	0.01%	0.01%
BEN	F	0.04%	0.01%	0.01%
BHF	D	0.02%	0.04%	0.02%
BIIB	C	0.13%	0.05%	0.05%
BKH	C	0.02%	0.01%	0.01%
BMY	F	0.33%	0.03%	0.03%
BSX	B	0.11%	0.01%	0.01%
BWA	F	0.05%	0.01%	0.01%
BXP	B	0.05%	0.01%	0.01%
C	C	1.12%	0.01%	0.01%
CAG	D	0.08%	0.05%	0.05%
CAH	D	0.26%	0.01%	0.01%
CARR	C	0.1%	0.06%	0.06%
CAT	C	0.31%	0.01%	0.01%
CB	C	0.3%	0.03%	0.03%
CCI	D	0.12%	0.02%	0.02%
CF	D	0.06%	0.03%	0.03%
CFG	C	0.13%	0.03%	0.03%
CHD	C	0.04%	0.02%	0.02%
CHTR	C	0.2%	0.03%	0.03%
CI	D	0.42%	0.02%	0.02%
CINF	C	0.07%	0.02%	0.02%
CL	B	0.15%	0.02%	0.02%
CMCSA	F	0.75%	0.01%	0.01%
CME	D	0.14%	0.03%	0.03%
CMI	D	0.13%	0.02%	0.02%
CMS	D	0.07%	0.01%	0.01%
CNP	B	0.08%	0.01%	0.01%
COP	D	0.46%	0.02%	0.02%
COST	B	0.57%	0.06%	0.06%
CPB	B	0.04%	0.02%	0.02%
CPT	A	0.04%	0.03%	0.03%
CRM	D	0.2%	0.05%	0.05%
CSCO	C	0.56%	0.07%	0.07%
CSX	C	0.14%	0.01%	0.01%
CVS	D	0.64%	0.01%	0.01%
CVX	C	1.22%	0.02%	0.02%
D	D	0.25%	0.01%	0.01%
DD	B	0.18%	0.07%	0.07%
DE	F	0.23%	0.02%	0.02%
DG	D	0.1%	0.03%	0.03%
DHR	D	0.18%	0.02%	0.02%
DIS	D	0.43%	0.01%	0.01%
DOC	B	0.07%	0.01%	0.01%
DOV	C	0.05%	0.01%	0.01%
DOW	D	0.24%	0.02%	0.02%
DRI	D	0.05%	0.01%	0.01%
DTE	D	0.1%	0.01%	0.01%
DUK	D	0.4%	0.01%	0.01%
DVN	C	0.13%	0.03%	0.03%
EA	B	0.04%	0.01%	0.01%
EBAY	B	0.09%	0.03%	0.03%
ECL	B	0.08%	0.02%	0.02%
ED	D	0.15%	0.01%	0.01%
EG	B	0.05%	0.02%	0.02%
EIX	D	0.13%	0.01%	0.01%
EL	F	0.04%	0.01%	0.01%
EMN	D	0.07%	0.02%	0.02%
EMR	D	0.13%	0.01%	0.01%
EOG	C	0.27%	0.01%	0.01%
EQH	B	0.05%	0.09%	0.05%
EQIX	C	0.09%	0.01%	0.01%
EQR	A	0.08%	0.01%	0.01%
ES	D	0.11%	0.02%	0.02%
ESS	B	0.05%	0.01%	0.01%
ETN	D	0.18%	0.01%	0.01%
ETR	D	0.12%	0.01%	0.01%
EVRG	D	0.07%	0.01%	0.01%
EXC	D	0.2%	0.01%	0.01%
EXR	B	0.04%	0.01%	0.01%
FANG	C	0.09%	0.03%	0.03%
FDX	A	0.34%	0.01%	0.01%
FE	D	0.11%	0.02%	0.02%
FIS	C	0.14%	0.02%	0.02%
FITB	C	0.12%	0.07%	0.07%
FMC	D	0.04%	0.02%	0.02%
FNF	D	0.06%	0.01%	0.01%
FOXA	B	0.04%	0.07%	0.04%
FRT	C	0.02%	0.01%	0.01%
FTV	D	0.03%	0.03%	0.03%
GD	C	0.2%	0.01%	0.01%
GE	D	0.22%	0.02%	0.02%
GILD	C	0.31%	0.02%	0.02%
GIS	D	0.14%	0.01%	0.01%
GLW	B	0.11%	0.01%	0.01%
GM	B	0.69%	0.01%	0.01%
GOOGL	A	1.18%	0.04%	0.04%
GPN	F	0.06%	0.04%	0.04%
GS	A	0.66%	0.01%	0.01%
GWW	D	0.05%	0.02%	0.02%
HAL	F	0.08%	0.02%	0.02%
HAS	D	0.04%	0.01%	0.01%
HCA	C	0.17%	0.06%	0.06%
HD	C	0.67%	0.01%	0.01%
HES	C	0.06%	0.02%	0.02%
HIG	C	0.13%	0.01%	0.01%
HIW	B	0.02%	0.01%	0.01%
HOG	F	0.02%	0.02%	0.02%
HON	B	0.3%	0.01%	0.01%
HPE	B	0.2%	0.04%	0.04%
HPQ	B	0.2%	0.06%	0.06%
HRL	F	0.04%	0.02%	0.02%
HSY	F	0.05%	0.01%	0.01%
HUM	C	0.2%	0.01%	0.01%
IBM	B	0.47%	0.02%	0.02%
ICE	A	0.11%	0.02%	0.02%
IDA	D	0.02%	0.01%	0.01%
IFF	C	0.09%	0.01%	0.01%
INGR	D	0.03%	0.01%	0.01%
INTC	F	0.6%	0.03%	0.03%
IP	B	0.14%	0.01%	0.01%
IPG	F	0.05%	0.01%	0.01%
ITW	D	0.12%	0.03%	0.03%
IVZ	D	0.05%	0.02%	0.02%
JCI	D	0.15%	0.01%	0.01%
JEF	A	0.05%	0.01%	0.01%
JNJ	F	0.97%	0.02%	0.02%
JNPR	A	0.03%	0.04%	0.03%
JPM	A	1.97%	0.01%	0.01%
K	D	0.06%	0.02%	0.02%
KDP	C	0.1%	0.01%	0.01%
KIM	B	0.04%	0.01%	0.01%
KLAC	B	0.07%	0.02%	0.02%
KMB	B	0.15%	0.01%	0.01%
KMI	A	0.25%	0.01%	0.01%
KO	A	0.52%	0.01%	0.01%
KR	C	0.29%	0.01%	0.01%
KRC	D	0.02%	0.01%	0.01%
KSS	F	0.05%	0.02%	0.02%
L	D	0.06%	0.04%	0.04%
LEA	F	0.05%	0.03%	0.03%
LHX	B	0.11%	0.02%	0.02%
LIN	C	0.3%	0.04%	0.04%
LLY	A	0.27%	0.01%	0.01%
LMT	A	0.32%	0.01%	0.01%
LNC	B	0.06%	0.02%	0.02%
LNT	B	0.05%	0.01%	0.01%
LOW	D	0.3%	0.01%	0.01%
LRCX	B	0.11%	0.02%	0.02%
LXP	B	0.01%	0.01%	0.01%
LYB	D	0.18%	0.01%	0.01%
MA	D	0.17%	0.02%	0.02%
MAA	B	0.05%	0.01%	0.01%
MAR	B	0.05%	0.03%	0.03%
MAS	D	0.03%	0.01%	0.01%
MCD	F	0.27%	0.01%	0.01%
MCO	A	0.06%	0.02%	0.02%
MDLZ	D	0.21%	0.03%	0.03%
MDT	D	0.35%	0.08%	0.08%
MET	D	0.27%	0.02%	0.02%
MKC	C	0.04%	0.02%	0.02%
MKL	C	0.08%	0.01%	0.01%
MLM	D	0.04%	0.03%	0.03%
MMC	B	0.14%	0.01%	0.01%
MMM	B	0.35%	0.01%	0.01%
MO	A	0.47%	0.01%	0.01%
MOS	F	0.07%	0.02%	0.02%
MPC	C	0.38%	0.02%	0.02%
MRK	C	0.6%	0.01%	0.01%
MRO	B	0.08%	0.01%	0.01%
MS	B	0.46%	0.05%	0.05%
MSFT	A	2.16%	0.01%	0.01%
MSI	A	0.06%	0.02%	0.02%
NDAQ	D	0.03%	0.02%	0.02%
NEE	D	0.41%	0.01%	0.01%
NEM	B	0.18%	0.04%	0.04%
NI	B	0.05%	0.02%	0.02%
NKE	F	0.17%	0.01%	0.01%
NNN	B	0.02%	0.01%	0.01%
NOC	D	0.16%	0.02%	0.02%
NOV	C	0.03%	0.03%	0.03%
NSC	D	0.11%	0.01%	0.01%
NUE	D	0.13%	0.01%	0.01%
NVDA	B	0.24%	0.03%	0.03%
NWE	D	0.02%	0.02%	0.02%
NXPI	B	0.1%	0.04%	0.04%
O	D	0.1%	0.02%	0.02%
OC	C	0.05%	0.01%	0.01%
OGE	D	0.04%	0.01%	0.01%
OGS	C	0.02%	0.02%	0.02%
OHI	A	0.03%	0.03%	0.03%
OKE	A	0.15%	0.01%	0.01%
ORCL	A	0.26%	0.04%	0.04%
ORI	D	0.05%	0.03%	0.03%
OTIS	C	0.06%	0.02%	0.02%
PCG	D	0.1%	0.01%	0.01%
PECO	C	0.01%	0.02%	0.01%
PEG	A	0.14%	0.01%	0.01%
PEP	D	0.53%	0.02%	0.02%
PFE	B	0.89%	0.02%	0.02%
PFG	D	0.1%	0.01%	0.01%
PG	C	0.78%	0.01%	0.01%
PGR	C	0.22%	0.01%	0.01%
PH	D	0.08%	0.02%	0.02%
PHM	D	0.07%	0.01%	0.01%
PKG	B	0.05%	0.03%	0.03%
PLD	C	0.16%	0.01%	0.01%
PM	A	0.58%	0.02%	0.02%
PNW	C	0.05%	0.01%	0.01%
PPL	D	0.12%	0.01%	0.01%
PRU	B	0.24%	0.01%	0.01%
PSX	C	0.34%	0.03%	0.03%
PWR	C	0.05%	0.02%	0.02%
PYPL	F	0.15%	0.03%	0.03%
QCOM	B	0.41%	0.02%	0.02%
REG	B	0.04%	0.01%	0.01%
REGN	A	0.15%	0.02%	0.02%
RF	B	0.1%	0.01%	0.01%
RJF	C	0.05%	0.03%	0.03%
ROK	D	0.05%	0.02%	0.02%
RPM	D	0.03%	0.03%	0.03%
RPRX	F	0.02%	0.03%	0.02%
RSG	A	0.06%	0.01%	0.01%
RTX	D	0.44%	0.02%	0.02%
SBRA	A	0.02%	0.02%	0.02%
SBUX	F	0.15%	0.01%	0.01%
SCCO	C	0.02%	0.05%	0.02%
SCHW	C	0.18%	0.02%	0.02%
SHW	D	0.08%	0.01%	0.01%
SIGI	D	0.01%	0.01%	0.01%
SJM	D	0.05%	0.01%	0.01%
SNA	F	0.04%	0.01%	0.01%
SO	C	0.36%	0.01%	0.01%
SPG	B	0.11%	0.01%	0.01%
SPGI	B	0.16%	0.03%	0.03%
SRE	B	0.18%	0.01%	0.01%
STE	C	0.03%	0.03%	0.03%
STLD	C	0.07%	0.02%	0.02%
STZ	B	0.08%	0.02%	0.02%
SWK	F	0.07%	0.02%	0.02%
SWX	D	0.03%	0.01%	0.01%
SYK	B	0.12%	0.02%	0.02%
SYY	D	0.14%	0.01%	0.01%
T	A	1.09%	0.01%	0.01%
TAP	F	0.05%	0.05%	0.05%
TEL	B	0.1%	0.02%	0.02%
TGT	D	0.31%	0.02%	0.02%
TJX	A	0.19%	0.04%	0.04%
TMO	D	0.25%	0.01%	0.01%
TMUS	A	0.27%	0.03%	0.03%
TRV	D	0.21%	0.01%	0.01%
TSN	C	0.15%	0.02%	0.02%
TT	C	0.09%	0.01%	0.01%
TXN	B	0.35%	0.02%	0.02%
UAL	D	0.04%	0.01%	0.01%
UDR	B	0.04%	0.01%	0.01%
UNH	D	0.95%	0.01%	0.01%
UNM	C	0.06%	0.01%	0.01%
UNP	D	0.26%	0.01%	0.01%
UPS	F	0.37%	0.02%	0.02%
V	D	0.24%	0.02%	0.02%
VLO	C	0.4%	0.03%	0.03%
VMC	D	0.04%	0.01%	0.01%
VMI	B	0.02%	0.02%	0.02%
VOYA	D	0.03%	0.01%	0.01%
VRSK	B	0.03%	0.02%	0.02%
VTR	A	0.1%	0.01%	0.01%
VTRS	D	0.08%	0.03%	0.03%
VZ	A	1.31%	0.01%	0.01%
WBA	F	0.22%	0.04%	0.04%
WEC	D	0.1%	0.01%	0.01%
WELL	A	0.13%	0.01%	0.01%
WFC	C	1.1%	0.01%	0.01%
WHR	C	0.06%	0.02%	0.02%
WLK	D	0.02%	0.01%	0.01%
WM	B	0.13%	0.03%	0.03%
WMB	A	0.2%	0.01%	0.01%
WMT	B	1.02%	0.02%	0.02%
WPC	D	0.04%	0.02%	0.02%
WRB	B	0.04%	0.01%	0.01%
WRK	D	0.1%	0.03%	0.03%
WTRG	D	0.03%	0.02%	0.02%
WU	D	0.03%	0.03%	0.03%
WY	F	0.09%	0.07%	0.07%
XEL	D	0.12%	0.01%	0.01%
XOM	C	2.32%	0.02%	0.02%
XYL	D	0.03%	0.02%	0.02%
ZBH	F	0.05%	0.02%	0.02%
ZTS	C	0.06%	0.01%	0.01%

PRF Overweight 664 Positions Relative to VCLT

Symbol	Grade	Weight
BRK.A	C	2.25%
GOOG	A	1.01%
META	B	0.93%
MU	B	0.49%
MCK	B	0.48%
F	C	0.47%
ELV	B	0.41%
COF	C	0.34%
USB	C	0.33%
TFC	C	0.31%
PNC	C	0.29%
BLK	B	0.27%
CNC	D	0.27%
TSLA	B	0.25%
ACN	C	0.23%
BK	A	0.22%
AMD	C	0.19%
FCX	D	0.18%
NFLX	B	0.18%
SYF	A	0.17%
OXY	C	0.17%
SLB	D	0.16%
KHC	D	0.15%
DFS	A	0.15%
BBY	B	0.14%
CEG	C	0.14%
MRNA	D	0.14%
PCAR	D	0.14%
WBD	F	0.13%
BG	B	0.13%
STT	C	0.13%
WDC	B	0.13%
LEN	D	0.12%
DLR	A	0.12%
PARA	D	0.12%
MTB	B	0.12%
ZIM	B	0.12%
ADP	D	0.12%
ADBE	B	0.12%
THC	B	0.11%
DHI	D	0.11%
AER	B	0.1%
CTVA	C	0.1%
KKR	B	0.1%
TROW	B	0.1%
BX	B	0.1%
VST	C	0.1%
NRG	C	0.1%
BKR	B	0.1%
URI	C	0.09%
KEY	C	0.09%
BKNG	B	0.09%
VRTX	B	0.09%
CBRE	C	0.09%
INTU	B	0.09%
CTSH	C	0.09%
ARW	D	0.09%
HBAN	C	0.09%
TRGP	A	0.08%
TDG	C	0.08%
OMC	D	0.08%
GEHC	D	0.08%
USFD	C	0.08%
STX	B	0.08%
AA	C	0.08%
NTRS	C	0.08%
APH	B	0.08%
KMX	C	0.08%
CTRA	D	0.08%
ACI	F	0.08%
AMP	C	0.08%
WTW	B	0.07%
PFGC	D	0.07%
NTAP	A	0.07%
GPC	D	0.07%
CHRW	B	0.07%
FLEX	C	0.07%
ROST	B	0.07%
AZO	C	0.07%
DLTR	D	0.07%
ROP	A	0.07%
M	D	0.07%
PSA	B	0.07%
VICI	D	0.07%
ISRG	B	0.07%
IRM	A	0.07%
PPG	F	0.07%
MCHP	C	0.07%
JXN	B	0.07%
CNH	F	0.06%
BJ	B	0.06%
LDOS	B	0.06%
ORLY	C	0.06%
PBF	D	0.06%
SQ	D	0.06%
RGA	B	0.06%
LNG	B	0.06%
CRBG	B	0.06%
IQV	D	0.06%
CCL	B	0.06%
GEV	B	0.06%
PAYX	D	0.06%
DGX	D	0.06%
BLDR	F	0.05%
MHK	D	0.05%
WCC	D	0.05%
BAP	D	0.05%
GT	F	0.05%
EXPD	B	0.05%
OGN	C	0.05%
TXT	D	0.05%
LKQ	F	0.05%
RS	D	0.05%
TSCO	C	0.05%
SWKS	B	0.05%
OVV	C	0.05%
UGI	D	0.05%
DINO	D	0.05%
UHS	B	0.05%
BALL	D	0.05%
MGM	B	0.05%
CHK	D	0.05%
UBER	B	0.05%
FYBR	B	0.05%
FAST	D	0.05%
OMF	D	0.05%
VFC	D	0.05%
JBL	F	0.05%
AN	C	0.05%
AR	D	0.05%
CTAS	B	0.05%
INVH	A	0.05%
R	B	0.05%
SWN	D	0.05%
MOH	F	0.05%
CDW	D	0.05%
MPW	F	0.05%
JLL	B	0.05%
KD	B	0.05%
MRVL	B	0.05%
X	C	0.05%
APA	D	0.05%
GRMN	B	0.05%
WAB	D	0.05%
YUM	D	0.05%
AIZ	D	0.04%
HSIC	D	0.04%
HWM	C	0.04%
EME	C	0.04%
TDY	D	0.04%
ABG	D	0.04%
ELAN	D	0.04%
ZION	C	0.04%
FAF	D	0.04%
APO	A	0.04%
DAL	D	0.04%
SUI	C	0.04%
CCK	F	0.04%
CLF	D	0.04%
HOLX	C	0.04%
AVT	C	0.04%
SNPS	B	0.04%
TDS	B	0.04%
DVA	C	0.04%
AVTR	D	0.04%
VNO	B	0.04%
RCL	B	0.04%
CMG	C	0.04%
MTZ	C	0.04%
EQT	D	0.04%
TTWO	B	0.04%
FSLR	C	0.04%
HST	D	0.04%
STWD	D	0.04%
NVR	C	0.04%
LAD	D	0.04%
TOL	D	0.04%
DKS	C	0.04%
J	D	0.04%
CLX	D	0.04%
A	D	0.04%
CASY	B	0.04%
AME	D	0.04%
BERY	D	0.04%
WSM	C	0.04%
CE	F	0.04%
ACM	D	0.04%
ICLR	B	0.04%
CMA	C	0.04%
FHN	C	0.04%
ON	D	0.04%
DXC	C	0.04%
SNX	D	0.04%
SOLV	F	0.04%
EW	B	0.04%
CCEP	B	0.04%
CG	D	0.03%
JBHT	F	0.03%
DAR	D	0.03%
FNB	C	0.03%
SCI	C	0.03%
AKAM	F	0.03%
NYCB	F	0.03%
PVH	F	0.03%
CMC	C	0.03%
NXST	C	0.03%
RRX	F	0.03%
SON	F	0.03%
BRX	B	0.03%
MDU	C	0.03%
HLF	D	0.03%
COHR	B	0.03%
HOOD	B	0.03%
THO	D	0.03%
CPNG	C	0.03%
JHG	B	0.03%
SF	A	0.03%
DTM	A	0.03%
COOP	D	0.03%
FLR	B	0.03%
ULTA	F	0.03%
ETRN	D	0.03%
SANM	B	0.03%
FCNCA	C	0.03%
BECN	D	0.03%
AGNC	B	0.03%
PK	C	0.03%
WBS	C	0.03%
AXS	B	0.03%
OSK	D	0.03%
LAMR	A	0.03%
CTLT	B	0.03%
SNV	A	0.03%
KEYS	F	0.03%
BPOP	C	0.03%
CPAY	D	0.03%
HUBB	D	0.03%
TPR	B	0.03%
TWLO	D	0.03%
GLPI	C	0.03%
NOW	B	0.03%
SKX	C	0.03%
JWN	B	0.03%
MUR	D	0.03%
EFX	B	0.03%
BAH	C	0.03%
LPLA	B	0.03%
EXPE	C	0.03%
HUN	F	0.03%
CAR	F	0.03%
CPRT	C	0.03%
AL	D	0.03%
RMD	D	0.03%
MTH	D	0.03%
ARMK	B	0.03%
NWSA	B	0.03%
WSO	C	0.03%
TER	B	0.03%
KNX	C	0.03%
HBI	C	0.03%
HLT	B	0.03%
PENN	C	0.03%
NWL	F	0.03%
ALV	D	0.03%
BR	C	0.03%
MAN	D	0.03%
BURL	B	0.03%
CACI	B	0.03%
QRVO	B	0.03%
AGCO	F	0.03%
ZBRA	C	0.03%
MNST	D	0.03%
OLN	F	0.03%
ANET	A	0.03%
GPS	B	0.03%
GPK	D	0.03%
IR	C	0.03%
EWBC	C	0.03%
SLG	B	0.03%
SFM	A	0.03%
CSL	C	0.03%
CZR	C	0.03%
TMHC	D	0.03%
SSNC	B	0.03%
HII	D	0.03%
LVS	F	0.03%
BBWI	F	0.03%
MUSA	B	0.03%
GPI	D	0.03%
UTHR	A	0.03%
RIG	F	0.03%
AAP	F	0.03%
TNL	C	0.02%
ILMN	F	0.02%
LPX	D	0.02%
SEM	A	0.02%
DECK	B	0.02%
SAIC	D	0.02%
VLY	D	0.02%
ALGN	F	0.02%
FLS	D	0.02%
LII	B	0.02%
CBOE	D	0.02%
UBSI	D	0.02%
JAZZ	F	0.02%
MSCI	F	0.02%
AGR	C	0.02%
CRL	F	0.02%
CIVI	D	0.02%
OZK	D	0.02%
PNFP	C	0.02%
LNW	B	0.02%
UFPI	D	0.02%
IT	B	0.02%
ELS	C	0.02%
SBAC	F	0.02%
CUZ	D	0.02%
SLM	C	0.02%
MAC	D	0.02%
CNX	D	0.02%
MTG	B	0.02%
ONB	C	0.02%
RHI	F	0.02%
CSTM	D	0.02%
TGNA	D	0.02%
AMG	D	0.02%
RNR	C	0.02%
BCC	F	0.02%
WTFC	C	0.02%
ZM	D	0.02%
ADNT	F	0.02%
IEX	D	0.02%
COLD	C	0.02%
KBR	D	0.02%
LULU	F	0.02%
CUBE	B	0.02%
CHRD	C	0.02%
CNO	B	0.02%
BIO	F	0.02%
NVT	D	0.02%
GL	C	0.02%
XRX	F	0.02%
COIN	C	0.02%
POST	C	0.02%
RDN	B	0.02%
EHC	B	0.02%
GME	C	0.02%
GNRC	D	0.02%
MKSI	B	0.02%
SEE	F	0.02%
ST	D	0.02%
KEX	B	0.02%
MTD	C	0.02%
PII	F	0.02%
KBH	C	0.02%
FOX	B	0.02%
CC	F	0.02%
AIRC	A	0.02%
DK	D	0.02%
PNR	D	0.02%
GNW	D	0.02%
TPH	D	0.02%
PRGO	D	0.02%
VLTO	C	0.02%
ABM	B	0.02%
GXO	D	0.02%
ODFL	D	0.02%
TRMB	D	0.02%
DPZ	C	0.02%
NSIT	B	0.02%
SM	D	0.02%
POR	C	0.02%
ANSS	D	0.02%
BXMT	D	0.02%
PB	C	0.02%
NFG	D	0.02%
BRO	B	0.02%
TRU	D	0.02%
CLH	B	0.02%
WAL	C	0.02%
FL	D	0.02%
FTI	C	0.02%
AXTA	D	0.02%
HRB	A	0.02%
CDNS	B	0.02%
SPOT	B	0.02%
RIVN	C	0.02%
CSGP	D	0.02%
DOX	D	0.02%
FHB	C	0.02%
ASH	D	0.02%
LYV	C	0.02%
HE	F	0.02%
FULT	C	0.02%
ESGR	A	0.02%
VNT	D	0.02%
W	F	0.02%
IDXX	D	0.02%
ACHC	F	0.02%
MSM	F	0.02%
GBCI	C	0.02%
REZI	D	0.02%
HOMB	C	0.02%
AMKR	B	0.02%
WST	F	0.02%
OKTA	C	0.02%
IAC	F	0.02%
AYI	D	0.02%
WYNN	D	0.02%
SLGN	D	0.02%
VRT	D	0.02%
NVST	F	0.02%
FCN	C	0.02%
GATX	C	0.02%
POOL	F	0.02%
WAT	F	0.02%
PCH	F	0.02%
TXRH	B	0.02%
SMG	D	0.02%
CPRI	D	0.02%
ASGN	D	0.02%
APLE	D	0.02%
BKU	B	0.02%
TCBI	C	0.02%
TYL	A	0.02%
G	D	0.02%
MMS	C	0.02%
RUN	D	0.02%
MHO	D	0.02%
OI	F	0.02%
CW	C	0.02%
ABNB	C	0.02%
NDSN	D	0.02%
PHIN	D	0.02%
SIG	F	0.02%
BCO	B	0.02%
BMRN	C	0.02%
EPR	C	0.02%
TRN	C	0.02%
MLI	C	0.02%
HUBG	B	0.02%
MTN	F	0.02%
GNTX	D	0.02%
CBT	D	0.02%
NJR	C	0.02%
PNM	D	0.02%
ENTG	B	0.02%
BTU	C	0.02%
JKHY	C	0.02%
VAC	F	0.02%
WWD	C	0.02%
HCC	A	0.02%
XPO	C	0.02%
GDDY	A	0.02%
SLVM	C	0.02%
ITT	D	0.02%
REXR	C	0.02%
APG	C	0.02%
GEO	C	0.02%
CNM	D	0.02%
FFIV	C	0.02%
TFX	C	0.02%
RL	C	0.02%
PRI	B	0.02%
CIEN	C	0.02%
AVNT	D	0.02%
TTC	B	0.02%
DAN	F	0.02%
LBRDK	C	0.02%
CHKP	A	0.02%
NAVI	F	0.02%
HP	D	0.02%
TKR	D	0.02%
EVR	A	0.02%
LUV	B	0.02%
ESNT	B	0.02%
PAG	D	0.02%
DY	B	0.02%
ADSK	B	0.02%
BLD	D	0.02%
CBSH	C	0.02%
AOS	D	0.02%
LSTR	B	0.02%
DEI	C	0.02%
MIDD	F	0.02%
DASH	D	0.02%
CR	C	0.02%
CFR	C	0.02%
DCI	D	0.02%
MELI	C	0.02%
ALE	B	0.02%
SSB	D	0.02%
CWK	C	0.02%
KMPR	C	0.02%
UHAL	D	0.02%
BC	F	0.02%
SRCL	A	0.02%
SR	C	0.02%
MAT	F	0.02%
LW	F	0.02%
CADE	C	0.02%
ALSN	C	0.02%
ASB	C	0.02%
ATR	D	0.02%
FLO	D	0.02%
THG	C	0.02%
HWC	C	0.02%
INCY	B	0.02%
LEN	D	0.01%
HEI	B	0.01%
UNIT	F	0.01%
FIVE	F	0.01%
UAA	D	0.01%
UA	D	0.01%
PARR	D	0.01%
CLVT	F	0.01%
GTN	D	0.01%
HEI	B	0.01%
LGIH	F	0.01%
CBRL	F	0.01%
ARCB	D	0.01%
OPEN	F	0.01%
BXC	F	0.01%
XP	F	0.01%
VSTS	F	0.01%
CNXC	C	0.01%
JELD	F	0.01%
HELE	F	0.01%
WSC	F	0.01%
SNOW	D	0.01%
IGT	D	0.01%
STNE	F	0.01%
NUS	F	0.01%
OPCH	F	0.01%
BGS	F	0.01%
NWS	B	0.01%
FTNT	D	0.01%
SITE	F	0.01%
BYD	F	0.01%
AMR	C	0.01%
RLJ	F	0.01%
MLKN	C	0.01%
INDB	D	0.01%
PINC	F	0.01%
EGP	B	0.01%
CABO	F	0.01%
DRH	D	0.01%
CRC	B	0.01%
CCS	D	0.01%
UVV	D	0.01%
CRI	F	0.01%
CXW	D	0.01%
HTZ	F	0.01%
UCBI	D	0.01%
KMT	F	0.01%
WH	C	0.01%
PPBI	C	0.01%
APAM	D	0.01%
Z	C	0.01%
VSAT	F	0.01%
AUB	C	0.01%
SBH	D	0.01%
ENOV	F	0.01%
HPP	F	0.01%
EPAM	D	0.01%
RH	D	0.01%
SAIA	B	0.01%
TPX	D	0.01%
DIOD	F	0.01%
BOKF	C	0.01%
NSP	F	0.01%
MC	A	0.01%
FR	C	0.01%
FFBC	C	0.01%
FIBK	C	0.01%
PFSI	B	0.01%
SMCI	C	0.01%
RYN	D	0.01%
KNF	D	0.01%
RLI	D	0.01%
SOFI	F	0.01%
HRI	F	0.01%
SFNC	C	0.01%
CATY	C	0.01%
GEF	F	0.01%
SPB	D	0.01%
LCII	F	0.01%
URBN	B	0.01%
JBGS	B	0.01%
ESAB	D	0.01%
SEIC	D	0.01%
ARI	D	0.01%
WEX	D	0.01%
LECO	F	0.01%
BWXT	B	0.01%
AIT	C	0.01%
UNFI	C	0.01%
AMN	F	0.01%
OMI	F	0.01%
PMT	D	0.01%
RUSHA	F	0.01%
DXCM	D	0.01%
TEX	D	0.01%
GTLS	F	0.01%
LITE	B	0.01%
OUT	C	0.01%
COLB	C	0.01%
ODP	D	0.01%
MTCH	F	0.01%
PTC	C	0.01%
BDN	D	0.01%
PDCO	F	0.01%
AXL	F	0.01%
VSCO	F	0.01%
FUL	D	0.01%
LFUS	C	0.01%
PLXS	D	0.01%
ANDE	D	0.01%
ASO	F	0.01%
GHC	D	0.01%
VEEV	F	0.01%
EEFT	D	0.01%
UMBF	C	0.01%
NOMD	D	0.01%
WDAY	D	0.01%
ABCB	B	0.01%
FND	F	0.01%
ARES	C	0.01%
WERN	F	0.01%
TROX	D	0.01%
ALIT	F	0.01%
ABR	B	0.01%
ESI	B	0.01%
CGNX	B	0.01%
TTMI	B	0.01%
ARCH	C	0.01%
THS	C	0.01%
ATI	D	0.01%
IRT	A	0.01%
FDS	D	0.01%
RGLD	C	0.01%
RXO	B	0.01%
ATKR	F	0.01%
VSH	F	0.01%
LEG	F	0.01%
GMS	F	0.01%
EXEL	B	0.01%
AM	B	0.01%
ENS	B	0.01%
XRAY	F	0.01%
RRC	D	0.01%
STAG	B	0.01%
GRAB	D	0.01%
AEO	F	0.01%
MTDR	D	0.01%
KRG	B	0.01%
ALLE	D	0.01%
LUMN	D	0.01%
GGG	D	0.01%
UHAL	D	0.0%
LBRDA	C	0.0%
SEDG	F	0.0%
BIG	F	0.0%
ZG	C	0.0%

PRF Underweight 24 Positions Relative to VCLT

Symbol	Grade	Weight
WIT	B	-0.21%
DELL	B	-0.11%
DT	F	-0.04%
BHP	D	-0.04%
LH	C	-0.03%
MUFG	C	-0.03%
MPLX	A	-0.03%
TCN	A	-0.02%
PAA	B	-0.02%
CP	D	-0.02%
EPD	A	-0.02%
AZN	B	-0.02%
HSBC	B	-0.02%
VOD	B	-0.02%
GSK	D	-0.02%
OPI	F	-0.01%
JD	F	-0.01%
CACC	C	-0.01%
EE	B	-0.01%
MDC	A	-0.01%
KOF	D	-0.01%
JBLU	C	-0.01%
ET	A	-0.01%
BABA	F	-0.01%